Broadway Box Office Analysis- March 2025

Broadway’s grosses in March were a story of two halves. The first week of the month was the lowest grossing week of the year so far. Last week (ending March 23) was the second highest of the year. Total gross was up to $134 million from $119 in February, and attendance was up to over 1 million. 

With many shows playing partial weeks as they begin performances and head into their opening nights, the standard Average Weekly Gross does not give an accurate picture of how well a show did in the month of March. Enter Theoretical Average Monthly Gross; a figure calculated by using the average attendance, capacity and average ticket price industry-wide for the month, multiplied by the number of performances played and the size of the theater. This combined with looking at a show's total gross and gross per performance allows for analysis on a rate basis, rather than strictly a cumulative basis. 

Shows are ordered from largest percentage difference to theoretical average to smallest. 

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Othello- Theoretical Average Monthly Gross: $3,860,919; March Total Gross: $10,809,432; Percent Difference: +180%; Gross Per Performance: $348,691

To the shock of nobody, Othello tops our list of highest grossing shows on a rate basis. Two A-List stars will do that, regardless of mixed reviews. This show is also now offering an in person student rush, a positive move for accessibility. 

Good Night and Good Luck- Theoretical Average Monthly Gross: $2,213,882; March Total Gross: $3,305,240; Percent Difference: +156%; Gross Per Performance: $472,011

Good Night and Good Luck laid down the gauntlet at the feet of Othello. Those two are going to be topping just about every grosses list for the next two months. The crazy thing is (from an economics perspective), since they are selling out they are if anything underpriced. Wild. 

Glengarry Glen Ross- Theoretical Average Monthly Gross: $2,339,263, March Total Gross: $4,055,756; Percent Difference: +73%; Gross Per Performance: $270,384

The triple threat of Bill Burr, Bob Odinkirk, and Kieran Culkin is certainly enough to fill seats, though the decision to leave the balcony closed is an interesting one for the Palace- seems that there is likely sufficient demand to make money on it. We’ll see if this can garner critical praise when the review embargo is lifted later tonight, unlike most of their star-led play compatriots. 

Hamilton- Theoretical Average Monthly Gross: $5,059,209, March Total Gross: $7,319,816; Percent Difference: +45%; Gross Per Performance: $228,744

Hamilton is the highest musical on this list- staying strong even in its tenth year of performances. Their March was virtually identical to last year, up less than 1% year over year. 

The Outsiders- Theoretical Average Monthly Gross: $3,912,827, March Total Gross: $5,519,904; Percent Difference: +41%; Gross Per Performance: $172,497

Last season’s Best Musical winner continues to put up very strong grosses, they even managed to avoid having their worst weeks of the year- a positive sign when the industry was at their lowest point of the year. At this point it’s only a question of when do they recoup their initial investment. 

Wicked- Theoretical Average Monthly Gross: $7,359,544; March Total Gross: $9,839,540; Percent Difference: +34%; Gross Per Performance: $307,486

Wicked’s grosses continue to ride the wave of the movie adaptation, averaging well over $2 million per week. Comparing this March to last they are up more than 30%, and comparing YTD to 2024 they are up well over 40%. 

The Picture of Dorian Gray- Theoretical Average Monthly Gross: $1,544,582; March Total Gross: $1,992,214; Percent Difference: +29%; Gross Per Performance: $153,247

Star-led play number four on this list, The Picture of Dorian Gray has started strong. They opened late last week to largely positive reviews- though it’s somewhat difficult to know how much reviews will impact the grosses of this show in a season full of very well reviewed plays and lots of celebrity casting. It’s working well for them so far but they aren’t grossing as sky high as some of the other shows on this list. 

The Last Five Years- Theoretical Average Monthly Gross: $577,949, March Total Gross: $731,535; Percent Difference: +27%; Gross Per Performance: $146,307

The Last Five Years have only had a handful of performances. The first performances of a show are usually on the higher end from a per performance average standpoint (like Othello set the average ticket price record in their first week of performances, and they haven’t reached those same heights since). This is another one to watch in the coming weeks, it’s such a short run that they likely need to average a very high ticket price- maybe even a higher ticket average than they already have- if they want to break even before their closing. 

Cabaret- Theoretical Average Monthly Gross: $4,088,635; March Total Gross: $4,618,806; Percent Difference: +13% Gross Per Performance: $144,338

Cabaret’s grosses ticked up through the month of March as they neared the end of their pairing of Emcee/Sally Bowles. It’s always a little bit difficult to figure out exactly where the next group will land, making this show one to watch in the coming months- can they continue to stand out amongst all the new material coming to Broadway this spring?

The Lion King- Theoretical Average Monthly Gross: $6,480,679; March Total Gross: $7,125,006; Percent Difference: +10%; Gross Per Performance: $222,656

The Lion King continues to play to sold out houses. This was a weaker March for them than last year (down about four percent over the course of the month)- they are not enjoying the same bump from Mufasa that Wicked is from their movie. They are also one to watch as we get into summer tourist season (which is typically their strength), where we will see to what extent international tourism has changed under the new administration with regards to Broadway. 

& Juliet- Theoretical Average Monthly Gross: $3,920,505; March Total Gross: $4,076,678; Percent Difference: +4%; Gross Per Performance: $127,396

It’s a little bit unclear how much of an impact Joey Fatone has had on &Juliet’s grosses, but it’s certainly not hurting. Comparing both year to date and March grosses year on year, & Juliet continues to be within a rounding error of last years box office takings- a strong sign for them. With a first national tour underway and a Toronto sit-down production coming this December, the definitive hit of the 2022-2023 season is seemingly still well positioned with no sign of slowing down. 

Oh, Mary!- Theoretical Average Monthly Gross: $3,419,934; March Total Gross: $3,360,505; Percent Difference: -2%; Gross Per Performance: $105,016

Betty Gilpin finished up her run as Mary Todd Lincoln, holding down the fort well before Tituss Burgess joined the cast for the final weeks of March, and his impact on the grosses was immediate, launching Oh, Mary! back over $1 million, a place they will likely stay with the return engagement of Cole Escola beginning April 8. Oh, Mary! recently also became the highest grossing show (by cumulative gross) at the Lyceum Theatre in its history. 

Operation Mincemeat- Theoretical Average Monthly Gross: $2,830,043; March Total Gross: $2,669,903; Percent Difference: -6%; Gross Per Performance: $88,997

Operation Mincemeat comes in as the best performing of any of the new musicals this season, in spite of having their opening night (and the production-comped tickets associated with opening night) during this timeframe. They are set up very well financially for a while, which is likely why they announced an extension into February of next year already. They are also one of the best reviewed new musicals of the season thus far, which likely bodes well for them come award season next month, so expect them to only move up this list. 

MJ: The Musical- Theoretical Average Monthly Gross: $5,299,943; March Total Gross: $4,814,850; Percent Difference: -9%; Gross Per Performance: $150,464

MJ continues to do very well, even if they are at this point slightly below average. They have been decreasing some year to year, a pretty consistent 10% ish, but they are continuing to ride the wave of their success. They are another one to watch this summer to see to what extent internation tourism changes. 

Maybe Happy Ending- Theoretical Average Monthly Gross: $3,717,984; March Total Gross: $3,365,809; Percent Difference: -9%; Gross Per Performance: $105,182

Maybe Happy Ending’s strong performance has continued, even in the slower part of the month. Darren Criss was on vacation for some of these performances, which negatively impacted the grosses some but this “little show that could” continues to chug along. Their cast album was just recently released as well, which they should only stand to benefit from. They are the third highest grossing show (by cumulative gross) in the history of the Belasco Theatre. 

Hadestown- Theoretical Average Monthly Gross: $3,507,820; March Total Gross: $3,147,782; Percent Difference: -10%; Gross Per Performance: $98,268

Hadestown did not do a short limited engagement run with a celebrity this year, which means their grosses were much lower than they were last year- to the tune of nearly 30%. But they continue to hold their own most weeks.

The Book of Mormon- Theoretical Average Monthly Gross: $4,073,351; March Total Gross: $3,529,159; Percent Difference: -13%; Gross Per Performance: $110,286

The Book of Mormon continues to hold station in their 14th year of performances. They had a weaker March than last year, but they were also coming off of a very strong February, so year to date they are within 1% of 2024’s grosses. 

Gypsy- Theoretical Average Monthly Gross: $5,885,772; March Total Gross: $5,050,000; Percent Difference: -14%; Gross Per Performance: $162,903

The first show on the wrong side of the median, Gypsy’s slow slide has been continuing. Luckily Spring Break and awards season are coming soon enough to stem that tide a little bit, but their initial hype has definitely died down to a certain extent. They finished the month on a high as spring break crowds started to make their way to Broadway.

Buena Vista Social Club- Theoretical Average Monthly Gross: $3,883,129; March Total Gross: $3,218,881; Percent Difference: -17%; Gross Per Performance: $103,835

Buena Vista Social Club comes in as the third highest new musical on this list, an excellent place for them to be especially considering that these weeks include their opening week. They also earned a very nice slate of reviews (including a New York Times Critics’ Pick), so expect them to continue to climb up this list in the coming months, especially if award season can be kind to them. 

Six- Theoretical Average Monthly Gross: $3,939,610; March Total Gross: $3,134,330; Percent Difference: -20%; Gross Per Performance: $97,948

Six has been sliding steadily down for a while, each of the last two years they have dropped over 10% from the year prior, and that trend has continued so far this year. However, the show is so inexpensive to run that they could probably drop another 10 or 20 percent and still break even. 

English- Theoretical Average Monthly Gross: $703,092, March Total Gross: $556,896; Percent Difference: -21%; Gross Per Performance; $69,612

English only played the one week in March, and it was their highest grossing week. Not too shabby for a non-profit how with no celebrities in the cast. 

The Great Gatsby- Theoretical Average Monthly Gross: $5,674,415, March Total Gross: $4,454,519; Percent Difference: -21%; Gross Per Performance: $139,204

The Great Gatsby is the first of the shows on this list that is low because of the size of their house. They have been one of the more surprising breakout hits of the last year, and their sustained success with the new pairing of Sara Hyland and Ryan McCartan bodes well for the show moving forward. 

Redwood- Theoretical Average Monthly Gross: $4,405,791; March Total Gross: $3,442,428; Percent Difference: -22%, Gross Per Performance: $107,576

Redwood has been a mixed bag so far, they are not necessarily in a bad position, they’ve managed to at least partially overcome the mixed critical response, or it at least has not hurt the shows grosses- due in part no doubt to the star power of Idina Menzel. This is one that could easily get lost in the shuffle come awards season, which could make the road ahead for them tougher. 

Smash- Theoretical Average Monthly Gross: $2,021,869; March Total Gross $1,576,629; Percent Difference: -22%; Gross Per Performance: $131,386

It’s a little early to get an accurate read on Smash, but their second week was a significant drop in average ticket price from the first week of previews. Some of that is to be expected, but this was a much harsher drop than most other shows have experienced. There is still plenty of time to turn it around, but the early signs aren’t looking amazing over the first 12 shows. 

Death Becomes Her- Theoretical Average Monthly Gross: $5,697,342; March Total Gross $4,440,291; Percent Difference: -22%; Gross Per Performance: $138,759

The Lunt-Fontanne is a very large house, which accounts for this show being as low down as it is on this list. Make no mistake, Death Becomes Her has absolutely been a hit thus far. We’ll see what awards season can do for them. Hopefully their cast album release next month can have a Beetlejuice like impact on the show and propel it to further heights. 

Aladdin- Theoretical Average Monthly Gross: $6,599,134; March Total Gross $4,901,051; Percent Difference: -26%; Gross Per Performance: $153,158

Aladdin continues to chug along in the New Amsterdam, really they are another one that is low on this list more as a function of the massive size of the house rather than the show significantly underperforming. March’s grosses represented a slight drop compared to last year, although they are still up over 6% year to date.

Moulin Rouge!- Theoretical Average Monthly Gross: $4,967,501; March Total Gross: $3,665,403; Percent Difference: -26%; Gross Per Performance: $114,544

In all of 2024, Moulin Rouge had nine weeks where they grossed less than $1 million, and none where they grossed less than $900k. This year so far they have already been under $1 million nine times (out of twelve weeks) and three of those weeks were under $900k. The first week of this month they had their lowest grossing full week of performances, at less than $750k. Overall this March was down over 30% year over year, and year to date the show grosses have decreased by over 20%. It’s difficult to tell how much longer a spectacle driven show like Moulin Rouge can sustain grosses like these- though they do have a return engagement of Boy George and the debut of Jordan Fisher in the pipeline. Hopefully that is enough to keep the show running. 

Hell’s Kitchen- Theoretical Average Monthly Gross: $5,567,423; March Total Gross: $4,029,339; Percent Difference: -28%; Gross Per Performance: $125,917

Hell’s Ktichen is a little bit of a tricky one, they had the worst stretch of grosses of their run thus far, and are pretty well below what would be considered average performance for their house. But they are also grossing over $1 million per week, which indicates that they are likely in a strong position still. 

John Proctor is the Villain- Theoretical Average Monthly Gross: $276,556; March Total Gross: $190,867; Percent Difference: -31%; Gross Per Performance: $63,622

Only three performances for the Sadie Sink led play, which is running discounts during previews. It’s too early to tell where they will land based on these numbers, but that picture will become more clear in the coming weeks. 

Sunset Boulevard- Theoretical Average Monthly Gross: $6,176,897; March Total Gross: $4,226,964; Percent Difference: -32%; Gross Per Performance: $132,093

Sunset Boulevard’s strong fall grosses have not held up as well heading into the spring. As we head towards awards season it could absolutely pick back up, but they likely still have a lot of money to make if they want to recoup before their closing date July 13. 

Harry Potter and the Cursed Child- Theoretical Average Monthly Gross: $6,197,913; March Total Gross: $3,961,069; Percent Difference: -36%; Gross Per Performance: $123,783

Cursed Child’s grosses continue to gradually slide downwards, year over year they are down 11%, and comparing this march to last they were down over 17%. That plus playing in one of the largest houses on Broadway means they land near the bottom of our list. This is another to keep an eye on come summer tourist season, between the North American tour that is currently ongoing and a potentially smaller international tourist market this year, they could find themselves in trouble depending on how things shake out. 

Purpose- Theoretical Average Monthly Gross: $2,081,335; March Total Gross: $1,219,621; Percent Difference: -41%; Gross Per Performance: $40,654

Unsurprisingly the lowest grossing show (per performance) of the last month is the show in the smallest house. Purpose did have their opening week (and the comp tickets associated with it) last week, and this is also being presented as part of Second Stages Season, which lowers the amount of money this show directly grosses. They are ones to keep an eye on, as the only play to open this spring season without a name above the title, especially if they can become a financial hit.  

Chicago- Theoretical Average Monthly Gross: $4,126,847; March Total Gross: $2,382,312; Percent Difference: -42%; Gross Per Performance: $74,447

This time last year Chicago had a celebrity in their cast, and not having that this year really hurt, to the tune of a 36% decrease year over year. Week ending March 2nd as well was their lowest grossing week since 2022. However, Ashley Graham joining the cast next month should help their grosses.

Boop! The Betty Boopical- Theoretical Average Monthly Gross: $1,629,245; March Total Gross $933,733; Percent Difference: -43%; Gross Per Performance: $77,811

Boop is starting from a pretty rough spot gross wise, certainly a much weaker position than any other new musical this spring- somewhat surprising for a show that is based off of a major piece of intellectual property. That said, there is plenty of time for this show to turn things around, and their attendance has remained strong even if grosses are low- indicating steep discounting during their preview period. 

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SHOW OPENING RECAP (Through March 23): March 10: Glengarry Glen Ross; The Picture of Dorian Gray; March 11: Boop! The Betty Boop Musical; Smash; March 12: Good Night and Good Luck; March 18: The Last Five Years; March 20: John Proctor is the Villain

SHOW CLOSING RECAP: March 2: English

THE MONTH AHEAD: There are still another handful of shows to begin performances, and as more shows officially open we will get a clearer picture of where all of these shows will shake out. April is typically the second strongest month for the industry after December, so many of these shows that are in weaker positions now will be looking to improve their takings heading into awards seasons- particularly the 17 new productions that stand to gain (or lose) the most from it. 

NOTE: All figures in this post are based off of weeks ending March 2, March 9, March 16, and March 23. Shows that began performances after March 23 are not included in this report.